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Disclosures matter when selling residential real estate

On Behalf of | May 29, 2020 | Residential Real Estate

Selling a home can be a very stressful experience. When needing or wanting to sell a home as quickly as possible, one might be tempted to leave potential buyers in the dark about any problems with the property. In Delaware, disclosures matter when selling residential real estate. Those who fail to be honest could end up hurting the sale or finding themselves in some legal trouble after the deal goes through.

Documenting problems on a disclosure form is not a difficult thing to do. Some home sellers are just unaware of what issues they are required to share with potential buyers. Most disclosures have to do with housing defects such as foundation issues, HVAC problems and plumbing issues. Potential health hazards must also be disclosed, such as mold problems — which can also create structural issues, lead in the home or known radon leaks. There is more, but in short, sellers are to report any known property defects — the keyword here being known.

Sellers are not required to go looking for defects. If buyers want an inspection completed, it is up to them to have it done. The buyer and seller will then have to negotiate who is responsible for taking care of any problems noted during the inspection if the buyer wishes to proceed with the purchase.

The consequences of failing to disclose issues with residential real estate can be significant. Home sellers in Delaware who have questions about disclosures and their responsibility to homebuyers can turn to legal counsel for guidance. With the right help, all necessary disclosures can be appropriately documented, and further assistance moving the sale forward can be provided.